What Is an FHA Loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. Designed to make buying a home more accessible, FHA loans offer more flexible requirements than many conventional loans — making them a popular choice for first-time buyers and those with limited savings.
Why Choose an FHA Loan?
With an FHA loan, qualified borrowers may benefit from:
- Low down payment – as little as 3.5% of the purchase price
- Flexible credit requirements – easier to qualify than many conventional loans
- Assistance with closing costs – sellers, builders, and lenders can contribute up to 6%
- Assumable mortgages – take over an existing FHA loan from a seller
- Refinance options – FHA loans aren’t just for new purchases
- No prepayment penalties – pay off your loan early without extra fees
- Gift funds allowed – down payment can come from family support
FHA Loan Limits and Requirements
Loan limits vary by county and property type, but FHA loans are available for many single-family and multi-family homes that will be used as your primary residence. To apply, you’ll typically need to provide:
- Employment history
- Credit score and bank statements
- Recent tax returns and W-2s
- Paystubs and social security number
- Any divorce or support agreements (if applicable)
Special Option: FHA 203(k) Loan
The FHA also offers the 203(k) renovation loan, which allows you to finance both the purchase of a home and the cost of needed repairs or improvements in a single loan.
How Tim and Liz Can Help
As FHA-approved lenders, Tim and Liz Serratt make the process smooth and straightforward. They’ll walk you through the requirements, help you understand your options, and ensure you’re set up with the right loan for your situation.
Take the First Step Today
Homeownership could be closer than you think. If you’ve been held back by down payment or credit score worries, an FHA loan may be the solution.
What our Clients say
Trusted by families across the Treasure Coast.
I wanted to take a moment to thank Tim Serrat and the Contour Mortgage Team for the excellent job they did leading to purchase of my new home in Satellite Beach. Tim did an outstanding job from day one. He got me the best finance rate, explained the entire process and walked me through every step of the way. Everything happened exactly like he promised with no surprises. Tim was super responsive answering calls and clarifying any questions. To top it off he connected me with the home insurance company that ended up providing the best quote and coverage I could find. I highly recommend Tim Serrat and Contour Mortgage to anyone looking to finance or re-finance their home.
From the very first meeting with Tim I could tell he truly listened and cared about my situation he made the whole process of applying for a mortgage seem pretty easy even though I’m a single mom and the last time I bought a house was 10 years ago! Everybody at Contour mortgage is kind and helpful so glad I trusted first Scott and Janice Reynolds to even believe it was possible and then Tim made it a reality!!! Thank you to Sarah my realtor she’s a sweetheart looking at houses can be exhausting but we did it together smiling even laughing sometimes at the process of trying to find the right house for me. I highly recommend Contour Mortgage excellent team!!
I recently relocated from New York to purchase a home in Vero Beach, and Tim Serratt from Contour Mortgage came highly recommended. I’m so glad I was connected with him — he was absolutely fantastic to work with from start to finish.
Tim has a calm, reassuring demeanor that immediately put me at ease. He is incredibly knowledgeable and walked me through every step of the mortgage process with patience and clarity. Buying a home from out of state can be stressful, but Tim truly held my hand throughout the entire journey and made everything feel manageable.
If you’re looking to purchase a home in Florida and want a mortgage professional who is both skilled and genuinely supportive, I highly recommend working with Tim.